Wed, Feb 01, 2023 @ 08:52 GMT

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9495; (P) 0.9553; (R1) 0.9596; More

Intraday bias in USD/CHF is turned neutral with breach of 0.9625 minor resistance. Overall, it’s still in corrective pattern from 1.0063. Below 0.9478 will extend the fall from 0.9868 towards 0.9369 support. On the upside, firm break of 0.9868 resistance will argue that larger up trend is ready to resume.

In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9369 support holds, even in case of deep pull back.

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